Performance Bond Services in Kenya
A performance bond, also known as a contract bond, is a surety bond issued by a bank or insurance company guarantee satisfactory completion of a project by a contractor.A Performance Bond is often required from a contractor or supplier who has been successful in the bidding process so as to guarantee the satisfactory execution and completion of the contract.
For example, a contractor may cause a performance bond to be issued in favor of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract, the client is guaranteed compensation for any monetary loss up to the amount of the performance bond.
Performance Bonds are often issued for supply,projects or service contrcts in order to guarantee the quality of works and timeliness or delivery.In other cases, a performance bond may be requested to be issued in other large contracts besides civil construction projects. Another example of this use is in commodity contracts where the seller is asked to provide a Bond to reassure the buyer that if the commodity being sold is not in fact delivered (for whatever reason) the buyer will at least receive compensation for his lost costs.Performance bonds are generally issued as part of a 'Performance and Payment Bond', where a Payment Bond guarantees that the contractor will pay the labour and material costs they are obliged to.
Requirements to get a Performance Bond
We require the following information from the contractor(awardee):
- Company Name
- Postal Address
- Mobile Number
- Procuring Entity(Employer) Name
- Procuring Entity's Address
- Performance Bond Amount
- Award Letter from Employer
- Bank Statements (up to 6 months)
- Portfolio of previously completed contracts/jobs
- Tender Description(Title)
- Performance Bond Validity(Period)
Here's why you should get your Perfomance Bonds from us
Our Perfomance Bonds are gotten from reputable banks,insurance companies and microfinance institutions. You can count on us next time you win a tender.
Have an urgent Performance Bond? Our expert team will ensure its done and delivered to your desired destination in the shortest time possible.